Seek Asia takes over JobsDB

ASX-listed online jobs ads site Seek has announced its Seek Asia subsidiary is buying out the last 20 per cent of JobsDB that it doesn’t already own.

The move comes after JDB Holdings exercised an option to offload its outstanding interest in the company and will increase Seek’s holding in Seek Asia to 68.96 per cent.

In a statement to the ASX, Seek said the final value of JBD Holdings’ option was determined at $HK640 million ($78.8 million)

“The co-investors in Seek Asia have contractually agreed to fund their share of the purchase price and Seek’s share is $HK441 million, in line with its 68.96 per cent ownership interest in Seek Asia," Seek told the ASX.

Seek will fund its share of the purchase price through a combination of its existing syndicated debt facility and funding through debt within Seek Asia. The transaction is expected to be completed by 20 March 2013.